TALANX reaffirms its outlook for 2016

26 May 2016 — Vlad BOLDIJAR
German insurer TALANX posted an 1Q2016 net income of EUR 222 million (or 11.6% less y-o-y) and GWP of EUR 9.0 billion, down by 4.7% y-o-y. The operating profit (EBIT) fell to EUR 573 million (vs. EUR 643 million), while the value of earnings per share in the first quarter of 2016 stood at EUR 0.88 (0.99).

Commenting on the GWP volume achieved in the first quarter, the Group's press release pointed out: "The Reinsurance in the corresponding period of the previous year benefited from a special item of around EUR 19 million after taxes and minority interests. Without this one-time income, the Group net income would have remained stable in the first quarter of 2016 in comparison with the same quarter of 2015", TALANX Group.

The same goes for the operating profit and shareholders' earnings: "As is the case in the premium trend and Group net income, the negative impact of the global currency market fluctuations was evident here as compared with the same period of the previous year".

"We have started the new 2016 financial year well and are satisfied with the operating trend. We are being disciplined in implementing our strategic programs. Initial successes are already evident, giving us confidence. After the first quarter, we are well on course to achieve a Group net income of around EUR 750 million in the current year as forecast," said Herbert K Haas, Chairman of TALANX AG.

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